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Wednesday, September 24, 2003
Philippine Southeast Asia Cement asks SEC to reconsider 75,000-peso penalty
Manila shares close stronger on bargain-hunting
Philippines' PCI Leasing buys back extra 100,000 shares at 1.30 pesos each
Philippine defense secretary to keep post as chief peace negotiator
Manila shares mixed midmorning on further consolidation
STOCK ALERT - Philippines' Benpres up on earnings outlook
Total Philippines to invest additional 4.00 mln usd in Manila oil terminal
Caltex Philippines not yet exempt from IPO requirement - Perez
Philippine govt may re-open existing bond issue to raise 250 mln usd - report
Philippine central bank chief 'comfortable' with current peso value - report
Philippine NTC, US FCC agree to settle termination rate dispute
Philippine peace negotiator appointed defense chief
Caltex Philippines to convert Batangas refinery into storage terminal
Philippines' EIB completes 2nd tranche of Urban Bank deposit repayment
Forex - Philippine peso closes stronger on firmer regional currencies
Philippine Treasury raises 3.00 bln pesos via 2-yr bond re-issue

Tuesday, September 23, 2003
Philippines' RCBC 'B' rating affirmed, outlook stable - S&P
STOCKWATCH - Philippine San Miguel shares lower on ownership dispute
Philippine Metrobank's proposed 100 mln usd debt issue rated 'Ba1' - Moody's
Arroyo says military alerts don't affect Philippine stability
Philippine San Miguel studying PCGG plea for transfer of 5 pct stake to govt
STOCK ALERT - Philippines' Piltel extends gains on outlook, speculative play
STOCK ALERT - Philippines' Meralco lower early on profit-taking
Philippines' PCI Leasing buys back extra 10,000 shares
Philippine PCGG formally seeks transfer of San Miguel's 5 pct to govt - report
Bank of New York seeks incentives for Philippine ops - report
Philippine economic chief keeps bullish outlook on H2 - report

September 23 - 24 
September 17 - 18 
September 15 - 16 
September 10 - 12 
September 8 - 9 
September 3 - 5 
September 1 - 2 


 

Philippine Southeast Asia Cement asks SEC to reconsider 75,000-peso penalty


     MANILA (AFX-ASIA) - Southeast Asia Cement Holdings Inc said it has asked the Securities and Exchange Commission to reconsider a 75,000-peso penalty imposed on the company for failing to submit additional information related to its first quarter financial report.
     The company, in a disclosure to the stock exchange, said it has not received the SEC order and, as such, is unable to comply with the requirement on time.
     It also said it has submitted the additional information to the SEC and the stock exchange.
     (1 usd = 55.02 pesos)
     afxmanila@afxasia.com

 

Manila shares close stronger on bargain-hunting


     MANILA (AFX-ASIA) - Share prices closed firmer as bargain-hunters re-entered the market after seeing strong support for the key index at the 1, 300 level, dealers said.
     Investors have also set aside worries over the domestic security situation and focused on possible economic packages that President Gloria Arroyo will bring home from her trip to the United States and Europe.
     The composite index closed up 15.56 points or 1.19 pct at 1,318.57 on volume of 469.35 mln shares valued at 585.17 mln pesos. It traded between 1, 297.94 and 1,319.33.
     In the broader market, gainers led losers 46 to 24, with 40 stocks unchanged.
     Arroyo is leaving today and has downplayed military alerts over possible plots against her as mere "tactical decisions" that do not affect the stability of the country.
     (1 usd = 55.02 pesos)
     edelacruz@afxasia.com

 

Philippines' PCI Leasing buys back extra 100,000 shares at 1.30 pesos each


     MANILA (AFX-ASIA) - PCI Leasing & Finance Inc said it repurchased an additional 100,000 shares on the market yesterday at 1.30 pesos each under its ongoing share buy-back program.
     At 12.02 pm, PCI Leasing was up 0.02 pesos at 1.32 on 205,000 shares.
     (1 usd = 55.01 pesos)
     afxmanila@afxasia.com

 

Philippine defense secretary to keep post as chief peace negotiator


     MANILA (AFX-ASIA) - Newly-appointed Philippine defense secretary Eduardo Ermita said he would remain in his current post as chief government peace negotiator with rebel groups even as he pursues reforms in the military.
     Ermita, who has been President Gloria Arroyo's special adviser on the peace process, was named defense secretary yesterday.
     Ermita was active in helping revive talks between Manila and the Moro Islamic Liberation Front (MILF), which has been fighting for almost three decades to set up an Islamic state in the southern third of this largely Christian nation.

 

Manila shares mixed midmorning on further consolidation


     MANILA (AFX-ASIA) - Share prices were mixed in mid-trade as the market continued to consolidate around the major support level of 1,300, dealers said.
     Investors were largely sidelined due to the lack of leads and concerns over the security situation, as President Gloria Arroyo leaves today for the United States and Europe.
     At 10.36 am, the composite index was down 1.59 points, or 0.12 pct, at 1, 301.42 on volume of 163.08 mln shares valued at 159.78 mln pesos. It has moved between 1,297.94 and 1,305.33 so far.
     In the broader market, gainers edged out losers 16 to 12, with 24 stocks unchanged.
     "The market is consolidating around the 1,300 level. It's mixed and directionless so far in the absence of fresh leads, while Wall Street's gains last night were not convincing enough for investors to go back into the local market," Westlink Global Equities chairman Rommel Macapagal said.
     Profit-taking particularly in Ayala Land weighed down the market, dealers said.
     Ayala Land was down 0.10 pesos at 6.30 on volume of 1.60 mln shares.
     Belle Corp was top traded so far and up 0.02 pesos at 0.57 on 101.91 mln shares, with turnover boosted by cross sales.
     Bank of the Philippine Islands rose 0.50 to 43.50 on 436,800 shares.
     Benpres Holdings gained 0.03 pesos to 0.67 on 13.72 mln shares, buoyed by the positive earnings outlooks on its businesses and a shift in interest to second- and third-line stocks.
     Petron Corp was down 0.02 at 2.02 on 1.48 mln shares following recent gains.
     The all-shares index was up 2.39 points at 812.01.
     The commercial-industrial index eased 4.25 to 1,901.24, while property fell 0.77 to 570.51.
     Mining and oil were unchanged at 1,261.80 and 1.38, respectively.
     Banking and financial services shed 1.03 to 438.62.
     (1 usd = 55.00 pesos)
     edelacruz@afxasia.com

 

STOCK ALERT - Philippines' Benpres up on earnings outlook


     MANILA (AFX-ASIA) - Benpres Holdings was firmer against a consolidating market, buoyed by the positive earnings outlook for its business units, dealers said.
     They said Benpres rose as investors switched to select second- and third-line stocks.
     Benpres was up 0.03 pesos, or 4.69 pct, at 0.67 on volume of 10.88 mln shares.
     The company is restructuring its debts, a process which it expects to complete before the end of the year. It is also pursuing the divestment of non-core assets to reduce its debt burden.
     (1 usd = 55.00 pesos)
     edelacruz@afxasia.com

 

Total Philippines to invest additional 4.00 mln usd in Manila oil terminal


     MANILA (AFX-ASIA) - Total Philippines Corp said it will invest an additional 4.00 mln usd to expand the capacity of its oil terminal facility in Manila in the next two years.
     Total has inaugurated its two-hectare oil depot here, in which it has already invested 280.00 mln pesos.
     "With the completion of our Manila oil terminal, Total is all geared up to corner a bigger share of the metropolitan Manila fuel market," Total Philippines president and managing director Jeff Attwood said.
     He said the Manila oil warehouse is Total's second biggest investment in the country after the 1.00-bln oil terminal and distribution facility in Bataan province, north of Manila.
     The Bataan terminal can store 58 mln liters of fuel products.
     The Manila terminal's capacity could be expanded to 28 mln liters from the current level of 9.00 mln liters, he said.
     (1 usd = 54.93 pesos)
     afxmanila@afxasia.com

 

Caltex Philippines not yet exempt from IPO requirement - Perez


     MANILA (AFX-ASIA) - The government will not yet exempt Caltex Philippines Inc from the mandatory initial public offering even if it has decided to stop its local refining operations, Energy Secretary Vicente Perez said.
     "Under the Oil Industry Deregulation Law, only oil refiners should list. Since Caltex is not anymore (operating) a refinery, we cannot compel them to offer shares to the public. But we have to coordinate with other agencies if there are other provisions in the law which may require Caltex to list," he told reporters.
     Caltex announced yesterday it will convert its refinery in San Pascual, Batangas, south of Manila into a world-class storage terminal.
     Caltex said it will import its refined oil product requirements after the closure of the refinery, and will invest more than 750 mln pesos for the conversion move.
     The terminal is expected to be operational by the last quarter of this year.
     (1 usd = 54.93 pesos)
     afxmanila@afxasia.com

 

Philippine govt may re-open existing bond issue to raise 250 mln usd - report


     MANILA (AFX-ASIA) - The government is considering re-opening an existing bond facility to raise 250.00 mln usd in a bid to complete its financing requirement this year, BusinessWorld newspaper reported, citing National Treasurer Sergio Edeza.
     "It is our inclination to just re-open any of the existing bonds for the outstanding (requirement). However, we have not decided yet which one to re-open...on what currency," he was quoted as saying.
     The government is also looking at pre-funding its 2004 financing requirement of 1.80 bln usd through borrowings before the year ends because of the uncertainties ahead of the next year's national elections, the report said.
     afxmanila@afxasia.com

 

Philippine central bank chief 'comfortable' with current peso value - report


     MANILA (AFX-ASIA) - Central bank governor Rafael Buenaventura is "reasonably comfortable" with the current peso value against the US dollar, the Philippine Daily Inquirer reported.
     Buenaventura, who is in Dubai for the joint annual meetings of the International Monetary Fund and the World Bank, said he sees no need for the central bank to intervene in the foreign exchange market.
     At the Philippine Dealing System yesterday, the peso closed at 54.930 to the dollar after tracking the across-the-board rise of most currencies in the region against the US unit. It closed at 55.070 on Monday.
     Dealers said the peso tracked the movement of the yen, which surged on Monday to its strongest level since Dec 2000, pushing other Asian currencies higher, after G7 member countries called for a more flexible exchange rate system in Asia.
     The paper, however, quoted Buenaventura as saying that the peso should be hovering closer to 52.000 if not for "non-economic events" such as the July 27 military mutiny and pre-election political bickering.
     He said the central bank would be ready to intervene in the market "if we feel the foreign exchange movement is not based on fundamentals."
     "But if supply and demand factors (are at play), we will allow the peso to seek its own level," he was quoted as saying.
     afxmanila@afxasia.com

 

Philippine NTC, US FCC agree to settle termination rate dispute


     MANILA (AFX-ASIA) - The National Telecommunications Commission and the US Federal Communications Commission have forged several agreements to end an impasse over a termination rate dispute between US and local telecommunication firms, NTC chief Armi Jane Borje said.
     She expressed optimism that the issue will be resolved in time for US President George Bush's October 18 visit in Manila.
     The FCC has agreed to lift a March 10 order suspending all payments from American carriers to their Philippine counterparts.
     The NTC in turn has agreed to lift a March 12 order legitimizing a move by Philippine carriers to block all calls coming from non-paying American telcos.
     "We'll try to create an environment where our carriers can sit down and talk among themselves," Borje said.
     The FCC had previously ordered the US carriers to stop payments to their Philippine counterparts, whose decision to increase termination rates for inbound calls from the US had allegedly forced the US carriers to compete unfairly.
     afxmanila@afxasia.com

 

Philippine peace negotiator appointed defense chief


     MANILA (AFX-ASIA) - President Gloria Arroyo appointed Eduardo Ermita, her senior adviser on peace talks with Muslim separatists, as the Philippines' new defense secretary, the presidential spokesman said.
     Ermita, a former armed forces general, replaced Angelo Reyes, who resigned last month to end restiveness within the military ranks following a failed mutiny in July.
     Ermita has been leading a government panel negotiating a peace deal with the 12,500-strong Muslim separatist Moro Islamic Liberation Front (MILF).

 

Caltex Philippines to convert Batangas refinery into storage terminal


     MANILA (AFX-ASIA) - Caltex Philippines Inc said it will convert its refinery in San Pascual, Batangas, south of Manila into a world-class storage terminal.
     Caltex said it will import its refined oil product requirements after the closure of the refinery.
     "This product import strategy reflects Caltex's strong determination to be a major supplier of the nation's energy requirements," Caltex country chairman Timothy Leveille in a statement.
     "This new strategy will transform Batangas into a regional supply and distribution hub where 100 pct of our products will be imported and then distributed under the well-recognized Caltex brand throughout the Philippines. "
     Caltex said it will invest more than 750 mln pesos for the conversion move, with the terminal expected to be operational by the last quarter of this year.
     Built in 1954, the refinery produces 72,000 barrels of oil per day. The converted terminal will have a storage capacity of roughly 2.70 mln barrels, Caltex said.
     Energy Secretary Vicente Perez assured the public of continued oil supply, adding that Caltex's move does not imply that the Philippines is an unviable place to invest in.
     "While Caltex is modifying its business strategy in the region and in the country, we have another oil company, Petron Corp in particular, which has decided on a different tack to invest about 100 mln usd on its refinery operations," he said.
     Petron is partly owned by Saudi Aramco.
     Perez said Caltex has assured it will remain a long-term player in the local industry.
     "While there has been a change in its strategy, it is here to stay and will be in constant search for new ventures in the country. Its parent, Chevron Texaco, is also keen on investing in the upstream oil sector," he said.
     Chevron Texaco owns a 45 pct stake in the Malampaya natural gas project, which is also 45 pct owned by Shell Philippines Exploration BV. The government, through the Philippine National Oil Co, owns the balance of 10 pct.
     Perez underscored the need for the country to pay attention to trends in the regional and global oil markets.
     "Caltex is doing just this by expanding its storage facilities and aiming to someday transform the country into a regional oil hub given our strategic location in Southeast Asia," Perez said.
     Caltex said its restructuring move will result in job losses, but Perez noted that Chevron Texaco has also indicated its plan to add 200 new jobs in its shared business center in the Philippines.
     (1 usd = 54.93 pesos)
     edelacruz@afxasia.com

 

Philippines' EIB completes 2nd tranche of Urban Bank deposit repayment


     MANILA (AFX-ASIA) - Export and Industry Bank Inc said it has completed the second of three tranches of repayments of deposits in the closed Urban Bank under the three-year Liability Servicing Program (LSP).
     The LSP is part of a rehabilitation plan for Urban Bank, which was absorbed by EIB in 2001.
     The bank gave no financial details in its disclosure to the stock exchange.
     It said the last tranche of repayments under the LSP is due on Sept 12 next year.
     The bank said it did not avail itself of stand-by funds from the Philippine Deposit Insurance Corp and the Social Security System for the second tranche of LSP repayments, and instead used internally-generated funds.
     The central bank closed Urban Bank in 2000 after the bank declared a holiday due to liquidity problems.
     afxmanila@afxasia.com

 

Forex - Philippine peso closes stronger on firmer regional currencies


     MANILA (AFX-ASIA) - The peso closed at its highest intra-day level of 54. 930 versus the dollar, tracking the across-the-board rise of most currencies in the region against the US unit, dealers said.
     The peso traded between 54.930-55.090 on volume of 95.00 mln usd after closing at 55.070 yesterday.
     Dealers said the peso tracked the movement of the yen, which surged on Monday to its strongest level since Dec 2000, pushing other Asian currencies higher, after G7 member countries called for a more flexible exchange rate system in Asia.
     "The peso has performed in line with other regional currencies for the second straight day in the absence of fresh news on the domestic front," a local bank dealer said.
     The peso is seen trading between 54.850-55.000 tomorrow, and will again likely take the cue from its regional counterparts, dealers said.
     cecille.yap@afxasia.com

 

Philippine Treasury raises 3.00 bln pesos via 2-yr bond re-issue


     MANILA (AFX-ASIA) - The Bureau of Treasury said it raised 3.00 bln pesos from the re-issue of two-year T-bonds today.
     The government fully awarded the 3.00 bln offering, against total tenders of 13.450 bln pesos.
     The yield to maturity was 8.738 pct. Bids ranged from 8.588 to 8.850 pct.
     The bonds were originally issued on July 31 this year, with the coupon rate set at 8.625 pct.
     (1 usd = 55.03 pesos)
     edelacruz@afxasia.com

 

Philippines' RCBC 'B' rating affirmed, outlook stable - S&P


     MANILA (AFX-ASIA) - Share prices closed lower as Wall Street's overnight weakness led to further correction here and prompted the market to consolidate after its recent gains, dealers said.
     They said investors also took a cautious stance as President Gloria Arroyo is due to depart tomorrow for a five-day trip to Europe and the US.
     The composite index closed down 10.99 points, or 0.84 pct, at 1,303.01, on volume of 263.33 mln shares valued at 357.02 mln pesos. It traded between 1,299.63 and 1,313.60 points.
     In the broader market, losers led gainers 33 to 23, while 56 stocks were unchanged.
     (1 usd = 55.03 pesos)
     edelacruz@afxasia.com

 

STOCKWATCH - Philippine San Miguel shares lower on ownership dispute


     (Updating with quotes from S&P analyst)
     MANILA (AFX-ASIA) - Standard & Poor's said today it has affirmed its "B" rating with a stable outlook on Rizal Commercial Banking Corp (RCBC) to reflect its "sound" position as the country's fifth-largest private domestic commercial bank.
     RCBC's loans and deposits account for 6.00 pct of the local banking system's total.
     The ratings agency also cited RCBC's "stable" funding profile and "good profitability" for the rating.
     However, S&P took note of RCBC's still weak asset quality and capitalization, which lag those of its domestic peers.
     Nonetheless, it said the bank's asset quality is stabilizing "amid a difficult operating environment in which lending opportunities are limited", while its capital is deemed adequate to deal with problem loans.
     RCBC recently enhanced its financial flexibility through the issue of 5. 00 bln pesos worth of 10-year notes to raise tier 2 capital.
     S&P said that, due to the soft property market, RCBC needs to boost its loan-loss provisions to cover further declines in asset values when it eventually disposes more of its real estate properties and other acquired assets.
     "(This factor) will continue to place pressure on (RCBC's) profitability and capitalization," said S&P credit analyst Wee Kiat Sim.
     But S&P said the stable outlook "reflects expectations that RCBC will continue to improve its asset quality through its ongoing loan rationalization programs and efforts to dispose of its non-performing assets, after recent passage of new asset disposal legislation."
     edelacruz@afxasia.com

 

Philippine Metrobank's proposed 100 mln usd debt issue rated 'Ba1' - Moody's


     MANILA (AFX-ASIA) - Standard & Poor's said today it has affirmed its "B" rating on Rizal Commercial Banking Corp (RCBC), which reflects its "sound" market position as the country's fifth-largest private domestic commercial bank.
     The outlook is stable.
     RCBC's loans and deposits account for 6.00 pct of the local banking system's total.
     S&P also cited RCBC's "stable" funding profile and "good profitability."
     However, it took note of the bank's still weak asset quality and a capitalization that lags behind those of its domestic peers.
     Nonetheless, the agency said RCBC's asset quality is stabilizing "amid a difficult operating environment in which lending opportunities are limited," while its capital is deemed adequate to deal with its problem loans.
     S&P said due to the soft property market, RCBC needs to boost its loan-loss provisions in anticipation of further declines in asset values when it eventually disposes more of its real estate properties and other acquired assets.
     edelacruz@afxasia.com

 

Arroyo says military alerts don't affect Philippine stability


     MANILA (AFX-ASIA) - Moody's Investors Service said it has assigned a prospective 'Ba1' rating to Metropolitan Bank & Trust Co's proposed 100 mln usd, 10-year subordinated debt issue.
     The rating outlook is stable, Moody's said in a statement, reflecting the proposed debt issue's "subordination to senior bank obligations" and "the bank's moderate capability" to service its debt obligations.
     It said it rated the proposed debt issue above the deposits of Metrobank, which are constrained by the Philippines' foreign currency deposit ceiling.
     "Moody's believes that the risk associated with the subordinated status is mitigated by the low likelihood that the bank would face regulatory intervention that could potentially prompt credit losses for the noteholders, " the ratings agency said.
     As Metrobank is the Philippines' largest bank in terms of assets, it is seen receiving strong regulatory support if needed, Moody's said.
     (1 usd = 55.039 pesos)
     afxmanila@afxasia.com

 

Philippine San Miguel studying PCGG plea for transfer of 5 pct stake to govt


     MANILA (AFX-ASIA)- San Miguel Corp said it is studying a letter from the Presidential Commission on Good Government, asking the company to turn over a 5.00 pct stake to the government.
     The company said in a disclosure to the stock exchange that it had received a letter from the PCGG, the government agency holding alleged ill-gotten assets during the Marcos dictatorship.
     The PCGG is seeking to enforce a Sept 14, 2000 Supreme Court order for the transfer of 25.45 mln "treasury shares" to the government.
     The PCGG has reportedly failed to implement the court decision due to unexplained "complex circumstances" involved in the shares' transfer.
     afxmanila@afxasia.com

 

STOCK ALERT - Philippines' Piltel extends gains on outlook, speculative play


     MANILA (AFX-ASIA) - Pilipino Telephone Corp was firmer in early trade, bucking the market's overall weakness, as investors continued to accumulate shares of the stock due to the positive earnings outlook for company, dealers said.
     Interest in the stock is also supported by continuing speculation that Piltel will absorb Smart Communications Inc to enable the latter to comply with the mandatory listing requirement.
     Both Piltel and Smart, which provide wireless service and have a combined subscriber based of over 11 mln as of end-August compared with 10.30 mln at end-June, are part of the PLDT group.
     Piltel has narrowed its net loss to 535.00 mln pesos in the first half to June from a net loss of 1.98 bln in the year-earlier period on the back of its growing Talk 'N Text wireless brand subscribers, totalling 2.20 mln as of end-June.
     (1 usd = 55.07 pesos)
     edelacruz@afxasia.com

 

STOCK ALERT - Philippines' Meralco lower early on profit-taking


     MANILA (AFX-ASIA) - Manila Electric Co's shares were weaker in early thin trade as investors locked in recent gains, dealers said.
     Meralco B, open to foreign investors, was down 0.25 pesos at 24.00 on 141, 000 shares.
     Meralco A eased 0.25 to 15.75 on 26,300 shares.
     (1 usd = 55.07 pesos)
     edelacruz@afxasia.com

 

Philippines' PCI Leasing buys back extra 10,000 shares


     MANILA (AFX-ASIA) - PCI Leasing & Finance Inc said it repurchased an additional 10,000 shares from the open market yesterday at 1.30 pesos each in line with its on-going share buy-back program.
     (1 usd = 55.07 pesos)
     afxmanila@afxasia.com

 

Philippine PCGG formally seeks transfer of San Miguel's 5 pct to govt - report


     MANILA (AFX-ASIA) - The Presidential Commission on Good Government (PCGG) has formally asked San Miguel Corp to turn over 5.00 pct of the company, which accounts for 25.45 mln in "treasury shares", to the government, BusinessWorld newspaper reported.
     PCGG is the government agency holding alleged ill-gotten assets during the Marcos dictatorship.
     The report said that PCGG formally relayed its request in a Sept 19 letter, signed by PCGG chairwoman Haydee Yorac, to San Miguel corporate secretary and general counsel Francis Jardeleza.
     The government is reportedly seeking to acquire the additional stake by enforcing a Sept 14, 2000 Supreme Court order for the transfer of the shares to the government.
     The PCGG has purportedly failed to implement the court decision due to the unexplained "complex circumstances" involved in the shares' transfer.
     (1 usd = 55.07 pesos)
     afxmanila@afxasia.com

 

Bank of New York seeks incentives for Philippine ops - report


     MANILA (AFX-ASIA) - The Bank of New York has applied for fiscal and non-fiscal incentives with the Board of Investments (BOI) for its plan to set up software development and maintenance operations in the Philippines, the Philippine Star reported.
     The report, citing BOI managing head Gregory Domingo, said the bank's expected, yet unspecified, investments in the Philippines should generate employment for some 100 people.
     The report mentioned no timetable for the project.
     afxmanila@afxasia.com

 

Philippine economic chief keeps bullish outlook on H2 - report


     MANILA (AFX-ASIA) - Economic Planning Secretary Romulo Neri is keeping his bullish outlook for the Philippines in the second half of the year, maintaining his forecast of a 4.50-pct year-on-year growth in the country's gross domestic product for the period, the Philippine Daily Inquirer reported.
     GDP in the first half expanded by 3.90 pct year-on-year.
     His forecast is in line with his earlier projection that this year's GDP growth will hit the lower-end of the official target range of 4.20-5.20 pct.
     In a report to President Gloria Arroyo, Neri said he expects stronger growth in the second half on the recovery of exports, particularly to the United States and Japan.
     He said the country's two major trading partners are expected to sustain their economic recovery in the second half.
     GDP growth slowed to 3.20 pct year-on-year in the second quarter to June from 4.50 pct in the previous quarter.
     Seasonally adjusted, GDP in the second quarter grew 0.10 pct, after contracting 0.50 pct in the first quarter, preventing the economy from plunging into a technical recession.
     afxmanila@afxasia.com

 


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